Flutter to delist from Dublin Stock Exchange
The operator plans to add a New York listing in early 2024.
Flutter Entertainement has decided to delist from Euronext Dublin, the stock exchange in Ireland, as it looks to add a New York listing in the first quarter of 2024.
The New York State Gaming Commission (NYSGC) has released its monthly online sports betting financial results for October 2023, highlighting that it has become the first state to surpass the $2bn handle mark, showing the exact scale of Flutter-owned FanDuel’s success in New York.
Flutter will remain listed on the London Stock Exchange, saying that it had hoped to stay listed in Ireland, but that keeping two listings would “minimise regulatory complexities.”
Another part reason for the exit from the Ireland stock exchange is due to encountering technical difficulties that hindered it from retaining its Dublin listing.
The Government in Ireland has a proposed Gambling Bill that would ban betting ads between 5:30am and 9.00pm, which could impact revenues, with Flutter asking the Government to consider giving the new Gambling Commission the flexibility to regulate advertising.
It was announced in early October that Flutter-owned Paddy Power would be closing 21 betting shops in Ireland, owing to lease expirations and early terminations.
Yesterday, meanwhile, Flutter Entertainment released its Q3 results for 2023, posting overall positive growth, with the UK & Ireland division of its business posting a 11.2% year-on-year revenue increase to $566m.
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